GBP/USD is trading near the 1.320 fresh high from September 4 .The cable has been quietly rallying in a bull market as we are approaching the upper trend-line barrier since April 14, 2020.
GBP/USD is trying hard to extend its growth towards September 's swing high. The pair can retest the critical horizontal barrier if the swing high (1.3270) from December 31, 2019 is breached.
GBP/USD has maintained upside pressure following the break above the late January, February and March highs at 1.3201/10. Directly above this level lies the key resistance offered by the 1.340 multi-year downtrend and, and we would expect the price to again cap and fail. This is reinforced by the 1.3515 high from December 2019.
Amid the lack of any new Brexit developments, we could see sellers stepping in soon ahead of these levels.